Cardano (ADA) Price Analysis: $3.00 Presents Key Resistance

Livebitcoinnews 8 months ago Report
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  • ADA price started a fresh increase above the $2.20 resistance against the US Dollar.
  • The price is now well above the $2.50 support and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $2.80 on the 4-hours chart (data feed via Bitfinex).
  • The price could start another strong increase if it clears the $3.00 resistance zone in the near term.

Cardano price is showing positive signs above $2.50 against the US Dollar, similar to bitcoin. ADA price must stay above $2.50 to continue higher in the near term.

Cardano Price Analysis

After a close above the $2.00 level, cardano price started a fresh increase against the US Dollar. The ADA/USD pair broke the $2.50 resistance to move further into a positive zone.

The price even climbed above the $2.65 level and settled nicely above the 55 simple moving average (4-hours). The upward move was such that the price surpassed the $2.80 level. A high is formed near $2.97 and the price is now consolidating gains.

There was a break below the $2.90 level. It is now testing the 23.6% Fib retracement level of the upward wave from the $2.38 swing low to $2.97 high.

An immediate support is near the $2.82 level. The first major support is near the $2.80 level. There is also a key bullish trend line forming with support near $2.80 on the 4-hours chart. The next major support is near the $2.65 level.

It is close to the 50% Fib retracement level of the upward wave from the $2.38 swing low to $2.97 high. If there is a downside break below the $2.80 and $2.65 support levels, the price could revisit the $2.50 support.

On the upside, the price is facing a major resistance near the $3.00 zone. If there is an upside break above the $3.00 zone, the price could rally towards $3.25. The next major resistance is now near the $3.50 level.

Cardano (ADA) Price

Cardano (ADA) Price

The chart indicates that ADA price is now well above the $2.50 support and the 55 simple moving average (4-hours). Overall, the price could start another strong increase if it clears the $3.00 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is still in the bullish zone.

4 hours RSI – The RSI for ADA/USD is now above the 60 level.

Key Support Levels – $2.80 and $2.65.

Key Resistance Levels – $3.00 and $3.25.

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Original Source: https://www.livebitcoinnews.com/cardano-ada-price-analysis-3-00-presents-key-resistan...

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